AGL 38.31 Increased By ▲ 0.09 (0.24%)
AIRLINK 129.00 Increased By ▲ 0.03 (0.02%)
BOP 8.71 Increased By ▲ 0.86 (10.96%)
CNERGY 4.77 Increased By ▲ 0.11 (2.36%)
DCL 8.62 Increased By ▲ 0.30 (3.61%)
DFML 38.67 Decreased By ▼ -0.27 (-0.69%)
DGKC 85.10 Increased By ▲ 3.16 (3.86%)
FCCL 34.81 Increased By ▲ 1.39 (4.16%)
FFBL 78.49 Increased By ▲ 2.78 (3.67%)
FFL 12.88 Increased By ▲ 0.06 (0.47%)
HUBC 110.52 Increased By ▲ 0.16 (0.14%)
HUMNL 14.60 Increased By ▲ 0.59 (4.21%)
KEL 5.43 Increased By ▲ 0.28 (5.44%)
KOSM 7.86 Increased By ▲ 0.19 (2.48%)
MLCF 41.33 Increased By ▲ 1.53 (3.84%)
NBP 71.40 Decreased By ▼ -0.92 (-1.27%)
OGDC 191.40 Increased By ▲ 3.11 (1.65%)
PAEL 26.20 Increased By ▲ 0.57 (2.22%)
PIBTL 7.49 Increased By ▲ 0.12 (1.63%)
PPL 156.80 Increased By ▲ 4.13 (2.71%)
PRL 25.81 Increased By ▲ 0.42 (1.65%)
PTC 18.90 Increased By ▲ 1.20 (6.78%)
SEARL 83.00 Increased By ▲ 0.58 (0.7%)
TELE 7.85 Increased By ▲ 0.26 (3.43%)
TOMCL 33.00 Increased By ▲ 0.43 (1.32%)
TPLP 8.42 No Change ▼ 0.00 (0%)
TREET 17.05 Increased By ▲ 0.27 (1.61%)
TRG 56.05 Increased By ▲ 0.01 (0.02%)
UNITY 29.10 Increased By ▲ 0.32 (1.11%)
WTL 1.37 Increased By ▲ 0.02 (1.48%)
BR100 10,799 Increased By 140.8 (1.32%)
BR30 31,934 Increased By 602.7 (1.92%)
KSE100 100,294 Increased By 1024.8 (1.03%)
KSE30 31,303 Increased By 270.9 (0.87%)

DUBAI: Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss.

In a filing, SABIC reported a net loss of 2.88 billion riyals ($768 million) for the three months to Sept. 30, compared with a profit of 1.84 billion riyals a year earlier.

The loss was mainly driven by an impairment charge of 2.93 billion riyals on the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia’s sovereign wealth fund acquired SABIC’s entire stake in the company.

SABIC’s divestment in Hadeed was agreed to in September, allowing the Saudi petrochemicals giant to “optimise its strategic portfolio and focus on its core business,” it said.

Revenues fell to 35.98 billion riyals from 43.32 billion a year earlier, but was up almost 6% quarter-on-quarter.

Saudi’s SABIC posts 94% drop in Q4 net profit on lower average sales prices

The global petrochemical market continues to witness weak global demand and an increase in supply for most products, SABIC said.

Its average selling price fell 5% quarter-on-quarter while prices for agri-nutrient products increased by 11%.

The company said it remains disciplined in managing its capital expenditure which for 2023 it estimates at $3.5 billion to $3.8 billion.

Chemical makers had flagged a potential blow in the second half of the year from a slower-than-expected recovery in China following its post-pandemic reopening and lower demand in Europe.

Shares of SABIC have declined almost 15% this year.

Comments

Comments are closed.